ED seizes immovable assets of Directors of Trichy-based firm
Feb 03, 2022
New Delhi [India], February 3 : The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 9.08 crore belonging to the Directors of Cethar Ltd, Trichy and family members of Directors under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in a bank fraud case, said a press release.
The ED has already seized movable properties of Rs 5.63 crore in the month of July 2021 and December 2021.
ED had initiated a money-laundering investigation on the basis of FIR dated 16.10.2018, filed by the CBI, Banking Security and Fraud Cell, Bangalore, against directors of M/s Cethar Ltd. Trichy under various sections of the Indian Penal Code.
Investigation under PMLA has revealed that the Directors of Cethar Ltd. Subburaj and his brother N.K. Pothiraaj knowingly, with criminal intent, siphoned off the loan amount sanctioned by the consortium of Banks led by Indian Bank. They have siphoned off the loan amount/ public money and acquired personal properties, jewellery and handed over or gifted to their family members. The proceeds of Crime (POC) in the case have been quantified at Rs. 895.45 Crore. The company is under liquidation and the liquidation proceedings are under process. These aspects of forgery have also been confirmed by the forensic reports.
Further investigation is on.
